MARKETBEAT UNITED STATES OFFICE Q1 2025 PDF Free Download
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KEY TAKEAWAYS
• Net absorption
was negative in Q1 2025, but the 4-quarter rolling absorption total was its
strongest in over two years, improving by 30% quarter-over-quarter (QOQ)
and 48% year-over-year (YOY). Net absorption in Q1 2025 was positive for a
third of U.S. markets.
• Vacancy is not equally distributed—over half
4-quarter rolling net absorption in Class A buildings improved to a higher
degree than the broader market, increasing by 36% QOQ and 55% YOY.
• The amount of vacancy coming
from occupiers putting space on the sublease market has declined for four
straight quarters. National sublease availabilities have declined 9.5% YOY.
This trend has been broad-based with sublease inventory down YOY in two-
thirds of U.S. markets. At the same time, new construction activity continues
to dwindle. Deliveries in Q1 2025 were the lowest quarterly total in over 12
years, and the pipeline is now 80% smaller than at the beginning of 2020.
RESILIENT OFFICE DEMAND DESPITE POLICY UNCERTAINTY
The shift in economic policies under the Trump Administration has not yet
fundamentals continued to show signs of stabilization. While absorption was
negative again in Q1, the 4-quarter rolling net absorption registered at -35
million square feet (msf), which was a 30% improvement QOQ and a 48%
improvement from one year ago. Over the past four quarters, 34 out of the
absorption. Leading the way were eight markets with over 400,000 square
feet (sf) of positive absorption: San Jose, Midtown Manhattan, Tulsa, Austin,
Baltimore, Cleveland, Tampa and Salt Lake City.
Jose (+1.8 msf), Phoenix (+486,000 sf), Midtown Manhattan (+448,000 sf),
Baltimore (+384,000 sf), Kansas City (+366,000 sf), and San Diego (+332,000
sf).
Other notable markets with positive absorption throughout the country include:
•
(+76,000 sf)
• Texas: El Paso (+247,000 sf), Dallas (+156,000 sf), Fort Worth (+117,000 sf)
-100
-60
-20
20
60
2021 2022 2023 2024 2025 YTD
Millions
Net Absorption, SF Construction Completions, SF
9%
12%
15%
18%
21%
$30
$32
$34
$36
$38
$40
2021 2022 2023 2024 2025
Asking Rent, $ PSF Vacancy Rate
UNITED STATES
MARKETBEAT
20.8%
-10.5M
Net Absorption, SF
26.2M
Under Construction
1.5%
$38.21
Outlook
YOY
Chg
(Overall, All Property Classes)
ECONOMIC INDICATORS
MARKET FUNDAMENTALS
Outlook*
Employment
34.8M
159.1M
Total Nonfarm
Employment
4.1%
U.S. Unemployment
YOY
Chg
Source:BLS, *Cushman & Wakeeld baseline
UNITED STATES
MARKETBEAT
• Midwest: Cleveland (+223,000 sf), Minneapolis/St. Paul (+191,000 sf)
• Southeast: Miami (143,000 sf), Birmingham (+118,000 sf), Atlanta (+114,000 sf)
•
(+75,000 sf)
While still trending up, the pace of vacancy increases is slowing. The annual
San Jose, San Diego, Minneapolis/St. Paul, Central New Jersey and Atlanta.
Sublease space is no longer pushing overall vacancy upwards, as the national
inventory of sublease availabilities has declined each of the past four quarters.
There is now 130 msf of available sublease space, which is down 9.5% YOY from
the most recent peak of 144 msf in Q1 2024. As noted in the past, the sublease
market is a precursor of overall vacancy, so this is an indicator that the demand
declined YOY in two-thirds of U.S. markets and the YOY declines exceed 1 msf in
each of four markets: San Jose, Midtown Manhattan, Austin and Midtown South
Manhattan.
construction pipeline totals 26.2 msf, down by nearly half from Q1 2024 and at
the lowest quarterly total in over 12 years (3.9 msf delivered in Q4 2012). The
construction pipeline represents 0.5% of current inventory, just a third of the 25-
year historical average of 1.5%. There are only ten U.S. markets with construction
pipelines above 1% of current inventory and none of those markets exceed 2.6%.
By comparison, a year ago, there were seven markets with construction pipelines
exceeding 3% of inventory, led by two that were above 6.5%.
damaging it will likely be. We are already observing signs of weakness emerging
in the economic data. Nominal retail sales have been weaker so far this year, which
is perhaps an early indication that the consumer is starting to pull back. Jobless
1
Business uncertainty is at all-time high and CFO optimism is declining,2 all of which
could lead to hesitations in long-term investments (including leases).
OUTLOOK
• Concerns related to economic
uncertainty and its impact on
commercial real estate should not
go unheeded. However, there are
reasons to be cautiously optimistic
may demonstrate resilience. Key
factors include very limited new
construction, a decline in sublease
availability, and the fact that much
of the workforce downsizing
due to remote work was front
Additionally, more companies
are increasingly indicating that
business strategy.
• Vacancy is not equally distributed,
and the recovery will not be either.
While some markets may currently
have record-high vacancy, the
amount of available top-tier space
focus on each asset’s competitive
set and not the entire market,
which may include buildings that
are perfectly functional but are
competitively obsolete.
•
long-term asset class, and macro
trends will create tailwinds for the
struggling early in the pandemic,
gateway markets are growing
their populations again.
SPACE UNDER CONSTRUCTION
20
60
100
140
2021 2022 2023 2024 2025 YTD
MSF
Average = 71 MSF
0%
4%
8%
12%
National Average = 20.8%
$20
$40
$60
$80
$ PSF
National Average = $38.21
UNITED STATES
MARKETBEAT
Net Absorption Leasing Activity**
U.S. Oce Markets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025p 2025p
Atlanta, GA -983,594 -431,097 -93,432 -70,247 114,493 2,405,716
Austin, TX 117,443 38,806 -39,661 814,357 -110,455 930,198
Baltimore, MD 462,740 351,163 -551,890 409,888 383,635 841,257
Birmingham, AL 233,716 -323 -268,061 -67,739 118,449 236,100
Boise, ID -74,103 -16,874 -31,659 5,071 -261,048 262,864
Boston, MA -2,590,988 -1,844,311 -379,320 -731,178 -819,495 2,124,666
Bualo, NY 106,919 -544,498 -174,820 -29,564 231,459 338,197
Charleston, SC 30,118 108,990 121,814 29,783 -4,121 186,393
Charlotte, NC -419,124 10,802 -191,865 351,504 -90,913 538,846
Chicago, IL -2,395,721 -1,303,559 -1,843,060 -2,282,790 -1,972,389 3,179,586
Cincinnati, OH -86,563 21,698 -139,538 -155,100 72,946 271,074
Cleveland, OH 57,742 136,648 3,811 62,643 223,383 438,915
Colorado Springs, CO -44,514 319,487 -94,134 25,268 -139,468 168,036
Columbia, SC 58,311 -7,173 -152,652 4,642 -24,552 59,836
Columbus, OH -22,519 24,609 -146,451 345,318 -109,801 420,589
Dallas, TX -2,410,613 -1,016,963 -883,818 -802,103 156,174 3,159,151
Denver, CO -933,933 -347,169 -529,271 -261,017 -795,444 1,887,886
Des Moines, IA -409,096 -265,163 -40,475 -2,315 32,363 147,230
Detroit, MI -807,494 -162,494 -1,371,955 -458,409 -10,358 409,167
El Paso, TX 260,964 -198,256 76,525 9,057 246,506 185,977
Faireld County, CT 131,513 -39,649 184,028 -619,118 289,175 636,481
Fort Lauderdale, FL -130,829 156,295 -68,566 -15,087 -103,248 356,968
Fort Myers/Naples. FL -126,561 14,707 46,514 -69,661 -12,668 141,358
Fort Worth, TX -35,095 -193,158 -53,694 122,655 116,716 165,165
Fredericksburg, VA -55,099 19,115 41,286 1,810 -50,481 39,163
Greensboro/Winston-Salem, NC 12,791 86,154 -172,463 484 -309,878 218,737
Greenville, SC 34,654 -160,176 199,569 131,721 -69,100 174,757
Hampton Roads, VA 30,282 62,199 139,329 170,226 -26,933 326,771
Hartford, CT 41,758 10,433 23,829 84,740 -100,421 95,275
Houston, TX -533,362 -507,585 172,609 -113,891 -475,082 2,451,152
Indianapolis, IN 29,640 60,798 -68,098 186,231 -159,910 379,007
Inland Empire CA -91,596 62,040 1,897 -58,810 75,319 368,177
Jacksonville, FL -51,606 -113,012 -93,150 76,088 -105,753 651,528
Kansas City, MO 121,346 15,407 -114,019 6,990 365,590 745,420
Las Vegas, NV -59,237 -313,907 -96,447 75,299 50,192 591,130
Long Island, NY 76,612 -387,095 144,476 158,530 75,970 492,279
Los Angeles CBD -418,962 -79,497 -727,699 -361,350 -106,267 279,005
Los Angeles Non-CBD -1,297,971 -72,788 -394,291 -14,072 -531,825 2,612,318
Louisville, KY -71,846 -2,967 43,723 -140,548 -254,308 97,161
Madison, WI -131,567 -22,956 -128,368 11,492 -99,214 153,660
Memphis, TN 204,929 156,430 53,268 -16,129 -44,724 276,736
Miami, FL 9,092 -13,125 120,882 -66,430 143,222 947,401
Milwaukee, WI -507 -145,044 -103,664 -220,554 134 231,260
Minneapolis/St. Paul, MN 179,214 -558,152 -854,913 -341,235 191,323 885,260
Nashville, TN 302,843 -151,681 47,911 565,165 -78,341 472,334
New Haven, CT 56,796 486,913 -91,445 -14,037 -21,286 23,583
Net Absorption Leasing Activity**
U.S. Oce Markets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025p 2025p
New Jersey - Central -1,733,264 264,980 -126,625 157,224 -139,189 1,088,019
New Jersey - Northern -811,858 -522,040 -35,252 92,471 -402,227 1,437,673
New Orleans, LA -30,182 -501,546 316,779 -33,526 -159,426 61,615
New York - Brooklyn -324,054 -192,334 167,580 555,717 -375,087 360,984
New York - Downtown -878,458 -23,358 412,616 -376,514 -489,696 1,636,860
New York - Midtown -3,531,240 -622,561 -118,136 1,811,984 447,773 6,448,420
New York - Midtown South 402,477 -307,414 -1,288,156 1,162,179 -392,783 1,593,989
Northern VA -554,873 -678,105 -1,100,420 -126,434 -124,668 1,256,436
Oakland/East Bay, CA* -607,983 -486,169 -570,617 -649,437 -855,612 970,861
Oklahoma City, OK 82,102 98,341 -81,849 199,219 -228,970 56,624
Omaha, NE 22,340 -120,032 -56,763 -144,330 50,887 224,653
Orange County, CA -285,805 437,423 97,692 -280,427 -594,501 1,440,806
Orlando, FL -83,168 -177,183 -40,532 54,407 -62,090 500,563
Palm Beach, FL 3,373 -40,085 -85,577 -16,230 36,589 257,773
Philadelphia, PA -446,400 291,986 55,046 165,472 -1,191,924 1,242,989
Phoenix, AZ -367,689 -294,293 -251,977 273,888 485,505 1,402,629
Pittsburgh, PA -252,003 25,597 328,355 -181,956 -230,552 868,777
Portland, OR -787,622 -143,896 170,834 -450,272 -581,198 386,762
Providence, RI -150,322 7,664 -12,361 99,270 -23,476 92,956
Puget Sound - Eastside 830,499 447,090 -697,138 -95,587 -523,874 613,755
Raleigh/Durham, NC -493,939 -466,668 -496,829 -119,688 -73,621 598,197
Reno, NV 5,840 48,464 -69,665 153,377 86,191 109,820
Richmond, VA -312,593 -154,009 255,854 226,228 -56,164 396,336
Roanoke, VA -13,723 61,264 289,010 -5,928 -41,425 65,126
Rochester, NY -19,103 -1,869 -51,249 -123,318 85,842 20,344
Sacramento, CA -11,903 45,122 -603,964 -15,212 -82,735 417,877
Salt Lake City, UT -241,041 24,367 -90,641 340,538 130,207 1,489,255
San Antonio, TX -158,977 9,181 94,173 104,499 -89,902 436,799
San Diego, CA -122,687 -149,803 22,486 131,118 331,634 781,017
San Francisco, CA -855,920 -432,921 -913,784 528,613 -611,563 2,834,017
San Francisco North Bay, CA -124,059 -20,891 -159,431 -26,199 -102,138 139,831
San Jose, CA* 452,464 -741,034 1,256,445 1,253,352 1,793,109 3,616,847
San Juan, PR n/a n/a n/a n/a n/a n/a
San Mateo County, CA* 191,901 -459,265 628,831 -801,114 -463,878 398,776
Savannah, GA n/a -33,354 -13,933 27,611 13,460 15,800
Seattle, WA -1,589,575 -512,110 -673,487 -251,639 -723,354 699,325
Southern NH -21,774 83,521 -172,435 9,992 -661,262 89,798
St. Louis, MO -48,801 34,423 -35,573 -393,263 -297,510 502,208
St. Petersburg/Clearwater, FL -194,664 3,602 -20,809 26,837 1,579 317,280
Suburban MD -302,716 -104,528 -410,069 -217,300 -86,915 536,474
Syracuse, NY -813 -43,891 -86,038 -32,699 30,311 59,407
Tampa, FL 57,910 101,016 164,458 154,639 -5,816 1,166,705
Tucson, AZ -361,648 -74,503 37,242 6,405 -37,364 72,198
Tulsa, OK 7,359 112,898 338,897 336,927 -75,493 175,342
Washington, DC -409,519 -264,161 -119,324 -95,417 -221,739 1,351,370
Westchester County, NY -17,880 -146,637 -71,085 -46,743 8,451 351,567
Net Absorption Leasing Activity**
U.S. Oce Markets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025p 2025p
United States -25,713,068 -12,373,699 -12,294,829 126,312 -10,505,048 70,588,630
Northeast -9,962,082 -3,504,563 -1,290,992 2,142,452 -3,678,417 19,002,264
Midwest -3,082,890 -2,018,654 -4,858,591 -3,383,007 -1,744,919 7,840,799
South -5,463,456 -3,824,192 -2,415,993 1,841,389 -1,655,963 21,836,408
West -7,204,640 -3,026,290 -3,729,253 -474,522 -3,425,749 21,690,422
p = preliminary, *Includes R&D, **Leasing activity includes renewals
UNITED STATES
MARKETBEAT
Overall Direct
U.S. Oce Markets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025p Q1 2025p
Atlanta, GA 24.5% 25.0% 25.1% 25.4% 25.2% 23.1%
Austin, TX 28.0% 29.0% 29.8% 28.8% 29.2% 23.0%
Baltimore, MD 16.3% 15.9% 16.6% 16.1% 16.4% 15.0%
Birmingham, AL 18.4% 18.5% 20.0% 20.2% 19.6% 16.7%
Boise, ID 10.0% 10.0% 10.2% 10.2% 11.6% 9.1%
Boston, MA 15.0% 16.0% 16.4% 17.1% 17.5% 14.4%
Bualo, NY 17.9% 20.3% 20.9% 21.1% 20.1% 18.4%
Charleston, SC 8.7% 8.2% 7.8% 7.7% 7.7% 5.7%
Charlotte, NC 24.4% 25.1% 25.4% 24.6% 25.2% 21.8%
Chicago, IL 22.3% 22.8% 23.6% 24.5% 25.3% 24.0%
Cincinnati, OH 25.2% 25.1% 25.6% 26.1% 25.9% 23.2%
Cleveland, OH 10.9% 11.0% 11.0% 10.6% 10.8% 10.1%
Colorado Springs, CO 10.1% 9.5% 9.7% 9.5% 9.8% 8.8%
Columbia, SC 7.3% 7.3% 8.0% 8.0% 8.1% 7.3%
Columbus, OH 24.0% 24.0% 24.5% 23.6% 23.9% 19.9%
Dallas, TX 23.9% 24.8% 25.5% 26.2% 26.2% 24.4%
Denver, CO 23.4% 24.4% 24.8% 25.0% 25.6% 22.9%
Des Moines, IA 18.9% 19.6% 20.0% 17.2% 17.2% 16.8%
Detroit, MI 18.7% 18.9% 20.3% 20.8% 20.8% 19.5%
El Paso, TX 10.9% 11.8% 11.6% 11.6% 10.5% 10.0%
Faireld County, CT 27.9% 28.1% 27.6% 29.0% 27.9% 24.8%
Fort Lauderdale, FL 16.0% 15.4% 15.6% 15.7% 16.1% 14.5%
Fort Myers/Naples. FL 4.7% 4.7% 4.4% 4.5% 4.1% 3.0%
Fort Worth, TX 12.4% 13.4% 13.7% 13.0% 12.4% 12.1%
Fredericksburg, VA 7.7% 7.9% 6.9% 7.0% 8.2% 8.1%
Greensboro/Winston-Salem, NC 11.9% 11.7% 12.2% 11.3% 12.2% 11.3%
Greenville, SC 11.5% 12.2% 11.5% 10.8% 11.1% 9.8%
Hampton Roads, VA 10.7% 10.5% 10.3% 9.7% 10.0% 9.5%
Hartford, CT 23.2% 23.2% 23.1% 22.7% 23.1% 21.2%
Houston, TX 25.0% 25.3% 25.3% 25.3% 25.4% 23.9%
Indianapolis, IN 21.8% 21.7% 21.9% 21.4% 21.9% 20.0%
Inland Empire CA 9.3% 9.0% 9.0% 9.2% 8.9% 8.6%
Jacksonville, FL 21.4% 21.9% 21.9% 21.5% 22.0% 20.1%
Kansas City, MO 21.8% 21.7% 21.6% 21.4% 20.6% 18.7%
Las Vegas, NV 12.8% 14.0% 14.4% 14.2% 14.1% 13.4%
Long Island, NY 14.0% 15.1% 14.7% 14.3% 14.0% 10.5%
Los Angeles CBD 26.8% 27.1% 29.7% 31.4% 31.8% 29.5%
Los Angeles Non-CBD 22.4% 22.8% 23.0% 23.3% 23.5% 20.4%
Louisville, KY 16.2% 16.2% 16.0% 16.7% 17.9% 17.7%
Madison, WI 10.6% 10.3% 11.3% 10.8% 11.0% 11.0%
Memphis, TN 17.1% 17.1% 16.4% 16.7% 16.6% 15.1%
Miami, FL 14.8% 14.9% 15.8% 16.1% 15.4% 15.2%
Milwaukee, WI 22.9% 22.9% 23.5% 24.7% 24.5% 24.5%
Minneapolis/St. Paul, MN 26.9% 27.9% 28.9% 29.3% 28.9% 25.9%
Nashville, TN 15.6% 15.8% 15.7% 15.9% 16.6% 14.7%
New Haven, CT 16.5% 16.1% 16.9% 17.0% 17.2% 17.0%
Overall Direct
U.S. Oce Markets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025p Q1 2025p
New Jersey - Central 22.5% 22.2% 22.3% 22.1% 21.6% 19.0%
New Jersey - Northern 22.4% 22.9% 22.8% 22.6% 22.9% 19.3%
New Orleans, LA 10.8% 12.4% 11.7% 11.6% 11.8% 11.1%
New York - Brooklyn 23.5% 24.2% 23.6% 23.6% 24.8% 23.0%
New York - Downtown 23.3% 23.3% 22.8% 23.3% 23.9% 17.6%
New York - Midtown 22.1% 22.4% 22.3% 21.7% 21.6% 17.6%
New York - Midtown South 23.4% 23.8% 25.7% 24.7% 25.3% 22.2%
Northern VA 22.5% 23.3% 24.2% 24.2% 24.3% 23.5%
Oakland/East Bay, CA* 17.5% 18.0% 18.7% 19.4% 20.0% 16.3%
Oklahoma City, OK 23.3% 23.5% 23.8% 24.0% 25.5% 24.9%
Omaha, NE 11.5% 12.0% 12.6% 13.1% 12.9% 12.6%
Orange County, CA 18.8% 18.3% 18.2% 18.6% 19.2% 17.5%
Orlando, FL 16.4% 16.9% 17.0% 16.9% 17.0% 14.6%
Palm Beach, FL 12.0% 12.1% 12.3% 13.8% 13.6% 12.7%
Philadelphia, PA 19.5% 19.1% 19.2% 19.1% 20.0% 17.7%
Phoenix, AZ 27.5% 27.9% 28.6% 28.3% 27.8% 22.7%
Pittsburgh, PA 17.0% 17.1% 16.7% 17.3% 17.5% 16.4%
Portland, OR 20.5% 20.6% 20.8% 21.6% 22.6% 21.1%
Providence, RI 12.6% 12.7% 12.6% 12.6% 13.0% 10.5%
Puget Sound - Eastside 16.8% 17.4% 19.1% 19.3% 20.7% 15.9%
Raleigh/Durham, NC 20.8% 22.1% 23.6% 23.8% 23.9% 18.0%
Reno, NV 12.0% 11.1% 11.6% 10.6% 10.7% 9.4%
Richmond, VA 12.5% 12.6% 12.2% 12.1% 12.4% 11.3%
Roanoke, VA 8.5% 8.1% 5.4% 5.6% 5.9% 5.9%
Rochester, NY 22.8% 21.1% 21.4% 22.1% 21.4% 21.4%
Sacramento, CA 14.0% 13.9% 14.8% 14.8% 15.6% 14.3%
Salt Lake City, UT 25.1% 25.0% 25.4% 24.7% 24.6% 20.2%
San Antonio, TX 16.3% 16.6% 16.2% 16.5% 16.4% 15.7%
San Diego, CA 13.6% 14.3% 14.2% 14.2% 13.8% 12.6%
San Francisco, CA 33.0% 33.5% 34.6% 33.9% 34.7% 27.4%
San Francisco North Bay, CA 11.9% 12.0% 12.8% 12.9% 13.4% 12.3%
San Jose, CA* 13.4% 13.7% 16.7% 16.2% 15.7% 12.1%
San Juan, PR 12.2% 12.0% 12.5% 12.4% 12.3% 12.3%
San Mateo County, CA* 18.7% 20.2% 19.2% 21.2% 22.3% 16.3%
Savannah, GA 4.3% 5.3% 5.6% 4.9% 5.2% 5.2%
Seattle, WA 25.8% 27.3% 28.6% 29.5% 30.5% 27.0%
Southern NH 9.0% 8.9% 10.1% 10.0% 14.3% 11.9%
St. Louis, MO 16.4% 16.4% 16.3% 16.9% 17.5% 16.2%
St. Petersburg/Clearwater, FL 19.0% 18.9% 18.5% 18.4% 18.5% 16.7%
Suburban MD 21.3% 21.5% 22.1% 22.5% 22.7% 22.0%
Syracuse, NY 13.5% 13.8% 14.4% 14.5% 14.4% 14.2%
Tampa, FL 22.4% 22.1% 21.6% 20.9% 21.0% 17.7%
Tucson, AZ 9.9% 10.3% 10.1% 10.2% 10.3% 9.3%
Tulsa, OK 11.0% 10.5% 9.8% 9.2% 9.6% 9.4%
Washington, DC 20.5% 20.9% 21.1% 21.2% 21.5% 20.8%
Westchester County, NY 26.3% 27.0% 27.3% 27.5% 27.4% 25.9%
Overall Direct
U.S. Oce Markets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025p Q1 2025p
United States 19.7% 20.1% 20.5% 20.6% 20.8% 18.4%
Northeast 20.1% 20.4% 20.5% 20.5% 20.8% 17.6%
Midwest 20.2% 20.5% 21.1% 21.5% 21.7% 20.2%
South 19.5% 19.9% 20.1% 20.2% 20.3% 18.7%
West 19.4% 19.8% 20.7% 20.7% 21.0% 17.9%
p = preliminary, *Includes R&D, **Leasing activity includes renewals
UNITED STATES
MARKETBEAT
p = preliminary, *Includes R&D, **Leasing activity includes renewals
Overall (All Classes) Class A
U.S. Oce Markets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025p Q1 2025p
United States $37.66 $37.80 $38.29 $38.23 $38.21 $43.35
Northeast $47.75 $47.95 $48.17 $47.94 $47.51 $52.79
Midwest $27.16 $27.39 $27.39 $27.35 $27.52 $31.20
South $33.03 $33.25 $33.40 $33.62 $33.96 $38.18
West $40.42 $40.38 $41.83 $41.68 $41.44 $47.67
Overall (All Classes) Class A
U.S. Oce Markets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025p Q1 2025p
Atlanta, GA $31.80 $31.98 $31.92 $32.54 $33.01 $35.77
Austin, TX $47.49 $47.34 $47.38 $47.51 $47.69 $51.00
Baltimore, MD $25.22 $25.34 $25.66 $25.61 $25.64 $28.09
Birmingham, AL $21.36 $21.35 $21.95 $22.01 $21.96 $23.83
Boise, ID $23.25 $23.31 $23.49 $23.26 $23.66 $25.91
Boston, MA $46.82 $47.87 $47.78 $47.93 $47.68 $51.51
Bualo, NY $17.70 $18.50 $18.50 $20.50 $20.50 $31.00
Charleston, SC $30.06 $30.83 $30.51 $30.13 $29.80 $32.06
Charlotte, NC $33.37 $34.15 $34.02 $34.23 $34.61 $37.52
Chicago, IL $35.54 $35.79 $35.72 $35.41 $35.45 $41.55
Cincinnati, OH $20.48 $20.61 $20.77 $21.05 $21.06 $23.43
Cleveland, OH $19.60 $19.51 $19.44 $19.60 $19.30 $21.46
Colorado Springs, CO $26.28 $26.03 $25.61 $25.65 $25.19 $26.78
Columbia, SC $19.53 $19.60 $19.09 $19.18 $19.16 $22.35
Columbus, OH $21.36 $21.86 $21.66 $21.78 $21.53 $23.21
Dallas, TX $32.25 $32.72 $32.92 $33.12 $33.19 $38.38
Denver, CO $32.62 $32.79 $32.82 $32.77 $32.62 $36.68
Des Moines, IA $19.88 $19.90 $19.96 $20.25 $20.75 $21.70
Detroit, MI $20.57 $20.59 $20.33 $20.15 $20.16 $21.10
El Paso, TX $19.50 $19.50 $19.50 $19.50 $20.00 $27.00
Faireld County, CT $34.79 $34.47 $34.46 $34.41 $34.71 $37.29
Fort Lauderdale, FL $39.92 $40.71 $41.01 $41.10 $41.50 $45.84
Fort Myers/Naples. FL $29.05 $26.40 $24.56 $23.51 $31.07 $33.52
Fort Worth, TX $27.31 $26.82 $26.83 $27.04 $26.92 $32.73
Fredericksburg, VA $25.26 $25.72 $25.91 $25.91 $26.70 $27.68
Greensboro/Winston-Salem, NC $18.95 $18.81 $19.10 $19.23 $19.14 $21.70
Greenville, SC $23.47 $23.61 $23.54 $23.27 $23.60 $26.41
Hampton Roads, VA $22.22 $22.55 $22.33 $22.17 $22.42 $23.65
Hartford, CT $21.25 $21.25 $21.29 $21.28 $21.34 $22.62
Houston, TX $31.37 $31.36 $31.22 $31.12 $31.33 $38.59
Indianapolis, IN $21.63 $21.79 $21.84 $21.68 $21.58 $23.95
Inland Empire CA $26.85 $26.97 $26.78 $26.92 $26.73 $30.14
Jacksonville, FL $22.90 $22.64 $22.70 $22.71 $22.74 $24.53
Kansas City, MO $22.58 $22.61 $22.80 $22.82 $22.96 $25.47
Las Vegas, NV $27.90 $28.60 $28.70 $28.76 $29.00 $36.11
Long Island, NY $32.50 $32.66 $32.96 $32.79 $33.00 $35.50
Los Angeles CBD $46.28 $46.24 $47.05 $47.19 $46.84 $49.22
Los Angeles Non-CBD $41.38 $41.54 $42.14 $42.39 $42.16 $45.26
Louisville, KY $18.89 $18.84 $18.74 $18.90 $18.89 $20.41
Madison, WI $23.59 $23.90 $23.98 $23.65 $23.62 $25.85
Memphis, TN $19.33 $19.08 $19.39 $19.45 $19.42 $24.38
Miami, FL $54.53 $56.11 $56.44 $58.21 $63.03 $68.06
Milwaukee, WI $22.30 $22.33 $22.31 $22.32 $22.65 $27.77
Minneapolis/St. Paul, MN $28.61 $28.84 $29.02 $29.07 $29.22 $33.38
Nashville, TN $34.45 $34.63 $35.05 $36.53 $37.84 $41.69
New Haven, CT $23.49 $23.60 $23.56 $23.56 $23.50 $22.84
Overall (All Classes) Class A
U.S. Oce Markets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025p Q1 2025p
New Jersey - Central $28.44 $28.77 $29.14 $29.57 $29.56 $33.98
New Jersey - Northern $32.84 $33.19 $33.79 $34.22 $34.79 $37.82
New Orleans, LA $19.95 $20.67 $20.17 $20.14 $20.27 $20.61
New York - Brooklyn $53.39 $53.58 $53.58 $53.54 $52.65 $59.71
New York - Downtown $55.85 $55.69 $55.68 $55.72 $55.04 $59.17
New York - Midtown $78.47 $78.19 $78.64 $78.30 $76.58 $84.94
New York - Midtown South $78.44 $79.37 $78.34 $78.34 $78.59 $99.32
Northern VA $35.85 $35.73 $35.68 $35.67 $35.74 $38.02
Oakland/East Bay, CA* $40.37 $40.13 $40.25 $39.63 $39.11 $43.83
Oklahoma City, OK $20.62 $20.53 $20.69 $20.69 $21.09 $25.66
Omaha, NE $26.53 $26.62 $26.73 $26.31 $28.87 $34.15
Orange County, CA $34.48 $34.43 $34.51 $34.66 $34.70 $37.42
Orlando, FL $27.55 $27.40 $27.48 $27.59 $27.40 $29.73
Palm Beach, FL $45.60 $46.01 $46.31 $50.83 $50.96 $60.40
Philadelphia, PA $28.99 $29.02 $29.26 $29.46 $29.44 $31.57
Phoenix, AZ $29.85 $29.68 $29.86 $29.73 $29.93 $35.18
Pittsburgh, PA $24.99 $24.90 $24.70 $24.99 $25.84 $29.31
Portland, OR $33.60 $33.85 $33.81 $33.66 $33.59 $38.03
Providence, RI $21.76 $21.73 $22.12 $21.91 $22.24 $33.82
Puget Sound - Eastside $43.58 $44.25 $44.91 $44.62 $44.45 $47.83
Raleigh/Durham, NC $30.05 $30.53 $31.25 $31.11 $30.90 $31.86
Reno, NV $22.68 $22.56 $22.92 $22.44 $24.98 $31.40
Richmond, VA $21.25 $21.22 $21.25 $21.10 $22.29 $24.17
Roanoke, VA $21.05 $20.72 $20.48 $19.66 $20.33 $23.75
Rochester, NY $17.50 $17.50 $17.50 $17.50 $17.50 $21.00
Sacramento, CA $26.74 $26.65 $26.55 $26.56 $26.47 $29.76
Salt Lake City, UT $26.06 $25.76 $25.58 $25.72 $25.62 $29.16
San Antonio, TX $23.60 $23.75 $23.99 $24.05 $26.86 $28.78
San Diego, CA $40.82 $41.28 $41.17 $41.19 $41.22 $46.84
San Francisco, CA $69.80 $68.57 $68.18 $67.23 $66.31 $70.90
San Francisco North Bay, CA $34.52 $33.18 $33.40 $33.28 $33.48 $34.36
San Jose, CA* $42.38 $41.98 $53.03 $51.91 $51.58 $64.19
San Juan, PR $20.56 $20.59 $20.79 $20.60 $20.71 $20.99
San Mateo County, CA* $70.31 $70.20 $69.69 $71.25 $69.31 $74.19
Savannah, GA $25.16 $25.60 $26.45 $26.93 $27.19 $30.38
Seattle, WA $45.11 $45.16 $45.25 $45.35 $45.18 $49.75
Southern NH $24.09 $24.24 $23.55 $23.46 $23.61 $25.06
St. Louis, MO $23.23 $23.27 $23.08 $22.87 $22.85 $24.50
St. Petersburg/Clearwater, FL $25.64 $25.86 $26.55 $26.80 $27.05 $28.06
Suburban MD $31.02 $31.20 $31.36 $31.33 $31.40 $34.70
Syracuse, NY $16.92 $17.00 $17.07 $17.18 $17.34 $17.57
Tampa, FL $30.97 $31.05 $31.44 $31.83 $31.78 $35.23
Tucson, AZ $23.54 $23.43 $23.97 $24.40 $24.64 $25.17
Tulsa, OK $17.72 $18.30 $18.06 $17.95 $18.59 $21.79
Washington, DC $55.24 $55.19 $54.82 $54.87 $55.11 $61.40
Westchester County, NY $30.59 $30.49 $30.48 $30.48 $30.35 $30.90
UNITED STATES
MARKETBEAT
U.S. Oce Markets Inventory Deliveries 2025 YTD Under Construction
as of Q1 2025p
Atlanta, GA 158,014,031 0 450,000
Austin, TX 66,499,941 213,354 1,686,843
Baltimore, MD 79,408,382 775,000 137,985
Birmingham, AL 18,761,351 0 49,930
Boise, ID 17,555,065 0 177,371
Boston, MA 197,822,724 0 1,159,230
Bualo, NY 22,745,439 0 0
Charleston, SC 21,041,680 0 88,000
Charlotte, NC 56,508,772 391,063 448,157
Chicago, IL 240,812,825 0 457,022
Cincinnati, OH 33,201,237 0 69,161
Cleveland, OH 90,870,243 0 1,800,091
Colorado Springs, CO 30,477,052 0 0
Columbia, SC 22,211,061 0 0
Columbus, OH 34,895,008 0 217,828
Dallas, TX 219,275,926 0 2,060,626
Denver, CO 121,215,966 0 811,319
Des Moines, IA 17,858,311 0 0
Detroit, MI 102,445,266 0 474,600
El Paso, TX 20,475,763 16,408 152,796
Faireld County, CT 36,827,148 0 90,000
Fort Lauderdale, FL 26,402,017 0 174,790
Fort Myers/Naples. FL 22,692,094 0 18,400
Fort Worth, TX 18,552,866 0 0
Fredericksburg, VA 8,021,060 0 6,477
Greensboro/Winston-Salem, NC 35,349,300 0 0
Greenville, SC 21,972,400 0 0
Hampton Roads, VA 35,261,198 0 100,000
Hartford, CT 25,091,090 0 0
Houston, TX 183,326,821 0 493,228
Indianapolis, IN 39,681,263 0 326,656
Inland Empire CA 21,227,042 0 0
Jacksonville, FL 21,464,521 0 128,992
Kansas City, MO 52,733,046 0 201,504
Las Vegas, NV 42,538,833 0 161,823
Long Island, NY 36,259,803 0 0
Los Angeles CBD 26,429,032 0 0
Los Angeles Non-CBD 186,340,227 0 2,107,100
Louisville, KY 20,513,051 0 72,000
Madison, WI 16,361,315 0 0
Memphis, TN 27,739,179 0 0
Miami, FL 39,543,938 265,760 515,269
Milwaukee, WI 29,824,821 0 0
Minneapolis/St. Paul, MN 80,701,228 0 140,000
Nashville, TN 50,907,666 358,000 1,097,947
New Haven, CT 11,410,709 0 0
U.S. Oce Markets Inventory Deliveries 2025 YTD Under Construction
as of Q1 2025p
New Jersey - Central 81,130,743 0 173,572
New Jersey - Northern 107,983,214 0 340,000
New Orleans, LA 28,553,021 0 0
New York - Brooklyn 30,516,166 0 0
New York - Downtown 84,803,830 0 0
New York - Midtown 259,828,881 0 4,496,619
New York - Midtown South 71,983,816 0 349,348
Northern VA 132,576,858 0 163,331
Oakland/East Bay, CA* 96,730,341 0 0
Oklahoma City, OK 15,733,377 0 115,000
Omaha, NE 26,131,289 11,180 116,000
Orange County, CA 90,909,892 0 277,079
Orlando, FL 36,738,045 0 0
Palm Beach, FL 23,666,117 0 266,549
Philadelphia, PA 133,817,591 0 544,698
Phoenix, AZ 89,520,637 119,222 360,000
Pittsburgh, PA 94,439,726 0 0
Portland, OR 59,309,570 63,899 190,000
Providence, RI 25,740,066 0 n/a
Puget Sound - Eastside 40,104,446 0 482,300
Raleigh/Durham, NC 57,531,390 0 0
Reno, NV 10,394,756 121,117 20,000
Richmond, VA 37,951,497 150,000 119,771
Roanoke, VA 10,473,978 20,000 0
Rochester, NY 13,996,318 0 0
Sacramento, CA 69,533,916 569,000 0
Salt Lake City, UT 51,865,600 0 180,000
San Antonio, TX 50,710,267 0 0
San Diego, CA 71,505,716 171,102 410,774
San Francisco, CA 86,346,460 0 0
San Francisco North Bay, CA 20,733,802 0 0
San Jose, CA* 226,402,324 847,000 509,179
San Juan, PR 10,312,067 n/a
San Mateo County, CA* 40,332,726 0 537,000
Savannah, GA 3,713,260 022,454
Seattle, WA 67,997,779 0 0
Southern NH 15,327,182 0 0
St. Louis, MO 50,423,243 0 0
St. Petersburg/Clearwater, FL 9,529,847 0 44,434
Suburban MD 59,255,093 0 0
Syracuse, NY 13,840,392 0 46,000
Tampa, FL 30,998,517 0 131,790
Tucson, AZ 28,951,693 0 0
Tulsa, OK 50,252,164 6,039 80,593
Washington, DC 112,045,889 0385,000
Westchester County, NY 22,976,815 0 0
U.S. Oce Markets Inventory Deliveries 2025 YTD Under Construction as of Q1 2025
United States 5,442,888,028 4,098,144 26,236,636
Northeast 1,286,541,653 0 7,199,467
Midwest 798,080,784 11,180 3,802,862
South 1,843,984,405 2,195,624 9,010,362
West 1,514,281,186 1,891,340 6,223,945
p = preliminary, *Includes R&D, **Leasing activity includes renewals
UNITED STATES
MARKETBEAT
Head of Americas Insights
Tel: +1 404.853.5310
david.smith4@cushwake.com
EXPLANATION OF TERMS
West
Midwest
South
Northeast
